Ares Buys Industrial Portfolio In Premier Corridor: The DFW Deal Sheet
An Ares Real Estate fund bought an industrial portfolio in a desirable Dallas-Fort Worth corridor that had no new deliveries last year.
Cohen Asset Management sold the three-building Valwood Industrial Portfolio to the Ares fund. The 254K SF industrial portfolio is within the Valwood industrial corridor that is bordered by Interstate 635, Interstate 35E and President George Bush Turnpike.
Valwood boasts a vacancy rate below 4% and has only had 1M SF of new industrial deliveries since 2021. Cushman & Wakefield Executive Managing Director Jud Clements said opportunities to acquire scale in a location of Valwood’s quality are rare in today’s environment.
“Acquired at 100% occupancy, the portfolio offers an attractive combination of durable cash flow and future upside through the mark-to-market of below-market rents,” Clements said in a statement. “Additionally, the assets were purchased at a significant discount to replacement cost, providing a compelling basis and long-term value creation opportunity for Ares.”
The 25-year-old portfolio has a 7.5-year average tenant tenure and 97% average occupancy since 2020.
Marq Logistics will manage the buildings.
In addition to Clements, Cushman & Wakefield's Jim Carpenter, Robby Rieke, Emily Brandt and Trevor Berry represented Cohen Asset Management in the deal.
SALES
Partners Capital, the investment platform of Partners Real Estate, acquired the 41K SF Colonnade of McAllen retail center at 6500 N. 10th St. in McAllen. The purchase is Partners Capital’s second acquisition through its Opportunity Fund VI vehicle. The Colonnade of McAllen was built in 2004 and was 100% occupied at the time of the acquisition.
***
Corsair Property Co. bought the 292K SF Paris Towne Center retail center in Paris from Culpepper Realty Co. The grocery-anchored development at the intersection of SE Loop 286 and U.S. Highway 82 was built in 1976. Paris Towne Center was 96% occupied at the time of the deal. JLL Capital Markets’ Adam Howells and Erin Myer represented the seller.
***
Apogee Capital purchased the 188-unit Flintridge multifamily property in Arlington. The two-story garden-style property, which was built in 1979, is close to the intersection of Interstate 30 and U.S. Highway 360. Institutional Property Advisors’ Taylor Hill, Michael Ware, Drew Kile, Joey Tumminello and William Hubbard represented the undisclosed seller in the disposition of the lender-owned asset and procured the buyer.
CONSTRUCTION AND DEVELOPMENT
Hillwood is building Alliance Westport 16, a 1.2M SF speculative industrial building in the Alliance Logistics District. Construction is expected to finish in July 2027. Located on Mobility Way in Fort Worth, Alliance Westport 16 will feature a 40-foot clear height, a 620-foot building depth, 60-foot loading bays and 276 trailer parking spaces.
The project was designed by GSR Andrade Architects. Civil engineering services were provided by Westwood, and financing was done by Fifth Third Bank. Hillwood Construction Services will serve as the general contractor.
***
B-29 Investments, in partnership with Hughes Commercial, broke ground on the 489-acre Camp Howze Industrial Rail Park in Gainesville. The master-planned project will feature up to 7M SF of industrial space across 14 buildings. Stream Realty Partners’ Matthew Dornak and Connor Land are leading leasing efforts for the project.
***
Balfour Beatty and Andres Construction will build the 8300 Douglas Avenue mixed-use development in Dallas’ Preston Center on behalf of Ramrock Real Estate. Designed by HKS, the 8300 Douglas Avenue development will include a 12‑story office tower, a 16‑story multifamily residential tower, structured parking for both office and residential uses, and retail space. Construction is scheduled to begin this month and wrap up in January 2029.
***
Trademark Property Co. opened the 321-unit The Vickery residential community at 700 W. Vickery Blvd. in Fort Worth’s Near Southside District. The project was supported by a tax increment finance district incentive from the city of Fort Worth. The Vickery was designed and built to National Green Building Standards.
***
JPI closed on a 16-acre site at the southeast corner of Highway 380 and Terry Lane in McKinney to be used for the 393-home Jefferson Terry mixed-income community. The first phase of the development will bring a mix of market-rate and workforce housing through a public-private partnership with the McKinney Housing Authority.
The project’s first homes are expected to be delivered in 2027, with completion anticipated in 2028. Jefferson Terry was designed by JPI, with structural engineering by Wright Engineers and civil engineering by Spiars Engineering.
FINANCING
Berkadia arranged a $124.6M loan on behalf of affiliates of HGI for the refinancing of the Alesio Urban Center at 385 E. Las Colinas Blvd. in Irving. Alesio Urban Center is a mixed-use community with 908 apartments and more than 55K SF of retail and commercial space in the Las Colinas submarket.
Berkadia's Charles Foschini, Christopher Apone, Shannon Wilson and Lourdes Carranza-Alvarez arranged the financing on behalf of HGI, which acquired the property in 2021. Blackstone provided the loan, the proceeds of which will be used to retire the existing mortgage and cover closing costs.
PEOPLE
Stream Realty Partners appointed Damien Matherne as chief financial officer. Based in Stream's Dallas headquarters, Matherne will oversee corporate accounting, treasury and cash management, financial planning and analysis, financial reporting, and enterprise financial systems. He has more than 30 years of financial leadership experience.
